KB4601319 update is breaking File History backups in Windows 10


More complaints are starting to surface about the KB4601319 update for Windows 10. The cumulative update was released last month, and has already been found to cause problems with some webcams.
Now this same update has been found to lead to issues with File History backups. Windows 10 KB4601319 update was pushed to users of the May 2020 Update and October 2020 Update last Patch Tuesday, and it is causing backups to fail for a number of people with a 80070005 error.